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Summary: <br />Ramsey, Minnesota; General Obligation <br />Credit Profile <br />US$10.7 mil GO cap imp plan rfdg bnds ser 2021A dtd 10/19/2021 due 12/15/2031 <br />Long Term Rating AA+/Stable New <br />Ramsey GO <br />Long Term Rating AA+/Stable Affirmed <br />Ramsey GO <br />Long Term Rating AA+/Stable Affirmed <br />Ramsey GO <br />Long Term Rating AA+/Stable Affirmed <br />Ramsey GO <br />Long Term Rating AA+/Stable Affirmed <br />Rating Action <br />S&P Global Ratings assigned its 'AA+' long-term rating to the City of Ramsey, Minn.'s $10.7 million series 2021A <br />general obligation (GO) capital improvement plan refunding bonds. At the same time, S&P Global Ratings affirmed its <br />'AA+' rating on the city's existing GO bonds. The outlook is stable. <br />The city's GO unlimited property tax pledge secures the series 2021A bonds. Bond proceeds will current -refund the <br />city's series 2012A GO capital improvement plan bonds for interest -cost savings. <br />Credit overview <br />The city has consistently reported positive operating results in recent years supported by a growing tax base and what <br />we view as good financial management practices and policies. In our view, Ramsey's underlying economy lacks the <br />depth of higher -rated peers, but the city benefits from its participation in the broad and diverse Minneapolis -St. <br />Paul -Bloomington metropolitan statistical area (MSA). Ramsey reported a sizable operating surplus of $1.2 million <br />(8.3% of general fund expenditures) in fiscal 2020, bolstering the city's very strong reserves to 69% of expenditures, <br />and projects a breakeven result for fiscal 2021. Offsetting these strengths is the city's weak debt profile, which we do <br />not expect will improve based on Ramsey's plans to issue new debt over upcoming years. <br />The rating reflects our assessment of the following factors for the city: <br />• Developing and predominantly residential suburb located in the broad and diverse Minneapolis -St. <br />Paul -Bloomington MSA; <br />• Good financial policies and practices and historically stable revenues support sizable operating surplus and higher <br />reserves in fiscal 2020; and <br />• Weak debt and contingent liability profile, with an elevated debt service carrying charge and plans for future debt <br />issuance. <br />WWW.STANDARDANDPOORS.COM/RATINGSDIRECT SEPTEMBER 21, 2021 2 <br />